ESM head urges Greece to implement agreed reforms with determination

Reuters Staff

2 Min Read

BERLIN (Reuters) - Greece must implement with determination the reforms agreed with its international lenders if Athens wants to regain the trust of private investors, the head of the euro zone bailout fund said on Thursday.

Speaking at a conference in Munich, Klaus Regling said the euro zone's rescue policies were working, noting that four of five countries had successfully exited their reform programmes.

"Greece is a special case. Nowhere the extent of the problems was as large as in Greece, and the administration as weak," Regling said according to a draft of his speech.

"But Greece can also turn the corner and regain the trust of the market, as long as it implements the agreed reforms with determination," said Regling who chairs the European Stability Mechanism (ESM).

Regling warned against giving the impression that Europe was in perpetual repair mode. "On the contrary, the crisis is well behind us, and we have come out of it stronger than before."

The comments came after a Greek government spokesman said on Thursday that any deal between Greece and its lenders concluding its bailout review should not impose additional austerity on the public.